Title 13 — Title 13 — Banks, Banking And Finance
13 chapters · 401 sections in this title.
W.S. § 13-5-410 Powers of the commissioner
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Powers of the commissioner. (a) In addition to other powers conferred by this chapter, the commissioner shall: (i) Supervise and examine all supervised trust companies organized under the provisions of this chapter and all supervised trust companies shall be subject to the laws o…
W.S. § 13-5-411 Reports to commissioner
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Reports to commissioner. (a) The commissioner may call for special reports verified under oath from any supervised trust company at any time as necessary to inform the commissioner of the condition of the supervised trust company. (b) All reports required of supervised trust comp…
W.S. § 13-5-412 regulations
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regulations. Failure to submit required report; fees; (a) If a supervised trust company fails to submit any report required pursuant to this chapter or any regulation adopted pursuant thereto within the prescribed period, the commissioner may impose and collect a fee for each day…
W.S. § 13-5-413 Surety bond; pledged investments; investment income; bond or pledge increases; hearings
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Surety bond; pledged investments; investment income; bond or pledge increases; hearings. (a) Any supervised trust company shall, before transacting any business, pledge or furnish a surety bond to the commissioner to cover costs likely to be incurred by the commissioner in a rece…
W.S. § 13-5-414 Fidelity bonds; insurance
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Fidelity bonds; insurance. (a) The directors or managers of a supervised trust company shall obtain fidelity bonds of not less than one million dollars ($1,000,000.00) providing coverage for any active officers, managers, members acting in a managerial capacity and employees, whe…
W.S. § 13-5-415 Suspension or revocation of charter
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Suspension or revocation of charter. (a) The commissioner may suspend or revoke the charter of a supervised trust company if, after notice and opportunity for a hearing, the commissioner determines that: (i) The supervised trust company has failed or refused to comply with any or…
W.S. § 13-5-416 Continuing jurisdiction
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Continuing jurisdiction. If the certificate of a supervised trust company is surrendered, suspended or revoked, the supervised trust company shall continue to be subject to the provisions of this chapter for so long as it acts as a fiduciary with respect to any trust business pre…
W.S. § 13-5-417 Insolvency; unsafe condition; receivership
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Insolvency; unsafe condition; receivership. (a) If the commissioner finds a deficiency in capital or other unsafe or unsound condition of a supervised trust company that has not been remedied within the time prescribed under an order of the commissioner issued pursuant to W.S. 13…
W.S. § 13-5-418 Order declaring supervised trust company properly wound up and dissolved
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Order declaring supervised trust company properly wound up and dissolved. (a) Upon the completion of the liquidation of a trust company pursuant to W.S. 13-5-417, the commissioner shall petition the court for an order declaring the supervised trust company properly wound up and d…
W.S. § 13-5-419 Voluntary dissolution of supervised trust company; liquidation; reorganization; application for dissolution; filing fee; filing with secretary of state; revocation of charter
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Voluntary dissolution of supervised trust company; liquidation; reorganization; application for dissolution; filing fee; filing with secretary of state; revocation of charter. (a) A supervised trust company may voluntarily dissolve in the manner provided herein. Voluntary dissolu…
W.S. § 13-5-420 Willful neglect to perform duties imposed by law or failure to conform to material lawful requirement made by commissioner; removal
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Willful neglect to perform duties imposed by law or failure to conform to material lawful requirement made by commissioner; removal. (a) Each officer, director, manager, member, employee or agent of a supervised trust company, following written notice from the commissioner sent b…
W.S. § 13-5-421 Change in place of business
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Change in place of business. (a) Any supervised trust company may apply in writing to the commissioner for permission to change its place of business to any other municipality in the state. The application shall be accompanied by a fee established by rule of the commissioner and …
W.S. § 13-5-422 Amendment to organizational instrument
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Amendment to organizational instrument. (a) A supervised trust company may amend its organizational instrument pursuant to the requirements of W.S. 17-16-1001 through 17-16-1009 for a corporation or W.S. 17-29202 for a limited liability company. The articles of amendment shall be…
W.S. § 13-5-423 Liability of directors, managers and officers
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Liability of directors, managers and officers. (a) Except as provided in this section, no director, manager or officer of any supervised trust company may be held individually liable to any person for participating in or consenting to any act or failure to act in the conduct of t…
W.S. § 13-5-424 application
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application. Establishment of trust service offices; (a) After first applying for and obtaining the approval of the commissioner, one (1) or more trust service offices may be established and operated by a supervised trust company organized under the laws of this state. An applica…
W.S. § 13-5-425 Establishment of trust company branches; application; fee; activities; examination; criteria
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Establishment of trust company branches; application; fee; activities; examination; criteria. (a) With prior approval of the commissioner a supervised trust company may establish and operate one (1) or more branches at any location in this state. (b) All applications for establis…
W.S. § 13-5-426 companies
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companies. (a) Mergers and acquisitions of supervised trust As used in this section: (i) "Consummation" means the moment when a merger or acquisition becomes effective; (ii) "Former trust company" means a trust company or business entity that will cease operations after a merger …
W.S. § 13-5-501 Formation and organizational instrument
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Formation and organizational instrument. (a) One (1) or more adult persons may organize a corporation or limited liability company for the purpose of forming a public trust company at a place in this state designated in the organizational instrument subject to the conditions pres…
W.S. § 13-5-502 Procedure upon filing of organizational instrument, application and other information
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Procedure upon filing of organizational instrument, application and other information. (a) The organizer shall apply to the commissioner for a charter. The application shall be on forms prescribed by the commissioner and shall contain such information as required by rule of the c…
W.S. § 13-5-503 Application filing fee
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Application filing fee. The application for a charter filed with the commissioner shall be accompanied by a fee established by rule of the commissioner to cover the expense of the investigation by the commissioner, the expense of the public hearing or meeting and other related ex…
W.S. § 13-5-504 applications
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applications. Procedure for hearings or meetings on charter If a party with a bona fide interest contests the charter application, the hearing held shall be a contested case under the Wyoming Administrative Procedure Act and shall comply with the requirements of that act. If the …
W.S. § 13-5-505 Emergency charters; fees
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Emergency charters; fees. (a) Notwithstanding any other provisions contained in this chapter, a public trust company charter may be granted by the commissioner without a public meeting or hearing in any case determined by the commissioner to be an emergency arising from the insol…
W.S. § 13-5-506 commissioner
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commissioner. Investigation and examination by banking (a) Upon receiving the organizational instrument, application and other information required to be submitted under W.S. 13-5-501 and 13-5-502, the commissioner shall make a careful investigation and examination of the followi…
W.S. § 13-5-507 Approval or disapproval of application; criteria for approval; action upon application; interim charter; fee
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Approval or disapproval of application; criteria for approval; action upon application; interim charter; fee. (a) Within ninety (90) days after receipt of the transcript of the public meeting or hearing, the board shall in its discretion approve, conditionally approve or disappro…
W.S. § 13-5-508 Certificate of authority to commence business required; application; approval or denial; failure to commence business
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Certificate of authority to commence business required; application; approval or denial; failure to commence business. If the application is approved and a charter granted by the board, the public trust company shall not commence business before receiving a certificate of authori…
W.S. § 13-5-509 Decisions by board appealable; grounds
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Decisions by board appealable; grounds. Any decision of the board in approving or disapproving any charter or the issuance or denial of a certificate of authority is appealable to the district court of the county in which the public trust company is to be located in accordance wi…
W.S. § 13-5-510 Powers of public trust companies; limitations; prohibitions; conflicts of interest; exemptions
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Powers of public trust companies; limitations; prohibitions; conflicts of interest; exemptions. (a) Public trust companies may exercise the powers permitted by subsection (b) of this section and the powers and rights granted to other corporations and limited liability companies u…
W.S. § 13-5-511 interest
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interest. Requirements as to capital or membership (a) The capital stock or membership interest of each public trust company shall be subscribed for as fully paid stock or fully paid membership interests. No public trust company shall organize with a capital stock or membership i…
W.S. § 13-5-512 Issue of stock or membership interest
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Issue of stock or membership interest. A public trust company shall not issue any share of stock or any percentage of membership interest until the par value of the share or the capital contribution has been actually paid in cash.
W.S. § 13-5-513 Increase or reduction of capital stock
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Increase or reduction of capital stock. A public trust company may increase or reduce the capital stock or membership interest of the public trust company after receiving the written approval of the commissioner and by the vote of the shareholders or members owning two-thirds (2/…
W.S. § 13-5-514 Transfer of stock, membership interests and other ownership interests
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Transfer of stock, membership interests and other ownership interests. (a) The shares of stock or membership interests of public trust companies are personal property and shall be transferred on the books of the public trust company in such manner as the bylaws or operating agree…
W.S. § 13-5-515 inspection
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inspection. Stock or membership interest register; A public trust company shall keep a stock or membership interest register that is open for inspection during business hours to officers, directors and stockholders or members and managers of the public trust company. The register…
W.S. § 13-5-516 Voting by shareholders and members generally; balloting for directors and managers
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Voting by shareholders and members generally; balloting for directors and managers. (a) Unless the public trust company's governing documents provide otherwise: (i) Each share or membership interest entitles the owner to one (1) vote on all elections of directors or managers and …
W.S. § 13-5-517 Preferred stock
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Preferred stock. (a) Unless the organizational instrument of a public trust company is more restrictive, a public trust company may issue one (1) or more classes of preferred stock or membership interest upon the approval of two-thirds (2/3) of the stockholders or members and the…
W.S. § 13-5-518 Authority to manage public trust companies; qualifications
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Authority to manage public trust companies; qualifications. The affairs of a public trust company shall be managed by not less than five (5) directors or managers. Shareholders or the board of directors or members or the managers, if provided by the organizational instrument, may…
W.S. § 13-5-519 Election; term; vacancies; number
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Election; term; vacancies; number. (a) The initial and elected directors or managers of any public trust company shall hold office for one (1) year and until their successors are elected and qualified except in cases of death, resignation or removal under the laws of this state. …
W.S. § 13-5-520 Meetings; record of proceedings and business
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Meetings; record of proceedings and business. (a) The board of directors or managers of a public trust company shall hold a regular meeting at least once every quarter of the calendar year. At each meeting a detailed report showing all trust business shall be submitted. The board…
W.S. § 13-5-521 Inspection of public trust company; confidentiality
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Inspection of public trust company; confidentiality. (a) Every public trust company is subject to inspection by the commissioner. The commissioner or a duly appointed examiner shall visit and examine each public trust company as often as the commissioner deems necessary and at le…
W.S. § 13-5-522 Conversion from chartered family trust company to public trust company
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Conversion from chartered family trust company to public trust company. A chartered family trust company that complies with the requirements outlined in W.S. 13-5-501 through 13-5-509, and upon approval of the new public trust company charter and surrender of the chartered family…
W.S. § 13-5-523 institutions
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institutions. Conversion from special purpose depository (a) The commissioner, with approval of the board, may convert the charter of a special purpose depository institution chartered under W.S. 13-12-115 to a public trust company chartered under this article. A conversion shall…
W.S. § 13-5-601 (a) members: Powers of family trust companies; prohibitions
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(a) members: Powers of family trust companies; prohibitions. A family trust company may, but only for family (i) Act or be appointed by any court within and outside this state to act as a fiduciary for family members for any purpose permitted by law; (ii) Act as transfer agent or…
W.S. § 13-5-602 Family trust companies; authorized actions and transactions; conflicts of interest
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Family trust companies; authorized actions and transactions; conflicts of interest. (a) In addition to the actions authorized by W.S. 13-5-601 and notwithstanding the other provisions of this chapter, while acting as a fiduciary a family trust company may: (i) Invest in a securit…
W.S. § 13-5-603 company
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company. Organization of a chartered family trust (a) One (1) or more persons may subscribe to an organizational instrument in writing for the purpose of forming a chartered family trust company, subject to the conditions prescribed by law. (b) The articles of incorporation for a…
W.S. § 13-5-604 (a) Requirements for chartered family trust company
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(a) Requirements for chartered family trust company. A chartered family trust company shall maintain: (i) A physical office in this state where original or true copies, including electronic copies, of all material business records and accounts of the chartered family trust compan…
W.S. § 13-5-605 capital
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capital. Minimum capital requirements; investment of The initial capital required to organize a chartered family trust company shall be not less than five hundred thousand dollars ($500,000.00). The full amount of the initial capital must be paid in cash to the governing body of …
W.S. § 13-5-606 Procedures upon filing of organizational instruments, application and other information; application fee; approval or disapproval of application; criteria for approval; action upon application
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Procedures upon filing of organizational instruments, application and other information; application fee; approval or disapproval of application; criteria for approval; action upon application. (a) An applicant for a chartered family trust company charter must file an application…
W.S. § 13-5-607 Inspection of chartered family trust company; fees; resolution fund account; confidentiality
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Inspection of chartered family trust company; fees; resolution fund account; confidentiality. (a) Every chartered family trust company is subject to inspection by the commissioner. The commissioner or a duly appointed examiner shall visit and examine each chartered family trust c…
W.S. § 13-5-608 Conversion from public trust company to chartered family trust company
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Conversion from public trust company to chartered family trust company. (a) A public trust company that meets the requirements of W.S. 13-5-301(a)(viii), 13-5-604 and 13-5-605 may merge with, convert into or reorganize as a chartered family trust company upon application to the c…
W.S. § 13-5-701 Establishment of a private family trust company
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Establishment of a private family trust company. (a) One (1) or more persons may subscribe to an organizational instrument in writing for the purpose of forming a private family trust company, subject to the provisions of this chapter. (b) The articles of incorporation for a priv…
W.S. § 13-5-702 Inspection of private family trust companies; authority of commissioner
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Inspection of private family trust companies; authority of commissioner. (a) If the commissioner has reasonable cause to believe that a private family trust company proposes to transact or has transacted trust company business with the general public, then the commissioner may co…